About Electric Control Panel
Electric control panel, a metal box which is equipped with various electrical devices that are used to control and monitor the mechanical process electrically. Rapid growth of industrialization and increasing investment in electrification by both government and private organizations are the major driving agent in the growth of the electric control panel market globally. For instance, according to the International Energy Agency (IEA), the global demand for electricity has grown by 4 percent in 2018 to more than 23 000 TWh.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Electric Control Panel is a fragmented market due to the presence of less players. The players are focusing on strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Electric Control Panel market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Schneider Electric SE (France), ABB (Switzerland), Siemens AG (Germany), General Electric (United States), NSi Industries LLC (United States), Simon Electric Pvt. Ltd. (India), Leviton Manufacturing Co. Inc. (United States), Paneltronics (United States), Konark Automation (India) and B&B Assemblies LLC (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Industrial Electricals (India), Standard Control Panel Pvt. Ltd. (India) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Electric Control Panel market by Type (Low Tension Control Panels, High Tension Control Panels, Instrument Control Panels, Motor Control Panels, Lighting Control Panels and Generator Control Panels), Application (Power Generation, Automotive Industry, Oil and Gas, Aerospace, Food And Beverage, Automation Industry and Others) and Region.
On the basis of geography, the market of Electric Control Panel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End User, the sub-segment i.e. Residential will boost the Electric Control Panel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growth in the Demand of Custom Made Electric Control Panels
Market Growth Drivers:
Growing Demand of Electric Control Panel in the Renewable Energy Sector Globally and Increasing Government Investment Towards the Electrification in Rural Areas, Especially in Developing Countries
Challenges:
Increasing E-Waste from Electric Control Panels
Restraints:
Price Competitiveness in Various Geographic Locations
Opportunities:
Surging Urbanizations and Industrialization across the World and Growing Number of Power Grids Globally
Market Leaders and their expansionary development strategies
In September 2022, AxFlow’s Induchem Group Ltd. announced the acquisition of Tredwell Electrical Ltd. - a manufacturer of electrical control panels, control assemblies, boxes and associated wiring looms. Headquartered in Limerick, the company serves customers in water and wastewater, machine builders, refrigeration, environmental, materials handling, automotive, food, pharmaceutical, mining and quarrying sectors.
In December 2019, ABB has signed a four-year framework contract worth more than USD 100 million with Italy’s transmission system operator (TSO) Terna. The TSO is responsible for securing and dispatching electricity across the country.
The National Electrical Code (NEC), or NFPA 70, is a widely-accepted standard for the safe installation of electrical equipment and wiring. The NEC is adopted by the state or by region to standardize the enforcement of safe electrical practices. The NEC is revised by the National Fire Protection Association's Committee on the National Electrical Code, which consists of 19 code-making panels and a technical correlating committee.
Key Target Audience
Electric Control Panel Manufacturers, Component Manufacturers, Suppliers, Raw Material Suppliers, Distributors, Power Generation Companies, Government and Private Organisations, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.